American Tower Co. (NYSE:AMT) Stake Raised by Werlinich Asset Management LLC

Werlinich Asset Management LLC increased its holdings in American Tower Co. (NYSE:AMTFree Report) by 8.3% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 8,155 shares of the real estate investment trust’s stock after acquiring an additional 625 shares during the period. American Tower comprises about 1.1% of Werlinich Asset Management LLC’s holdings, making the stock its 29th largest holding. Werlinich Asset Management LLC’s holdings in American Tower were worth $1,610,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of AMT. Norges Bank purchased a new stake in American Tower in the 4th quarter worth about $1,051,898,000. Wellington Management Group LLP increased its position in American Tower by 21.9% in the 4th quarter. Wellington Management Group LLP now owns 15,823,622 shares of the real estate investment trust’s stock worth $3,416,004,000 after purchasing an additional 2,839,570 shares during the last quarter. Edgewood Management LLC increased its position in American Tower by 46.2% in the 4th quarter. Edgewood Management LLC now owns 4,985,879 shares of the real estate investment trust’s stock worth $1,076,352,000 after purchasing an additional 1,576,683 shares during the last quarter. Jennison Associates LLC increased its position in American Tower by 41.0% in the 4th quarter. Jennison Associates LLC now owns 5,299,306 shares of the real estate investment trust’s stock worth $1,144,014,000 after purchasing an additional 1,541,029 shares during the last quarter. Finally, International Assets Investment Management LLC increased its position in American Tower by 16,195.9% in the 4th quarter. International Assets Investment Management LLC now owns 849,340 shares of the real estate investment trust’s stock worth $1,833,560,000 after purchasing an additional 844,128 shares during the last quarter. 92.69% of the stock is owned by hedge funds and other institutional investors.

American Tower Stock Performance

AMT traded up $0.68 during midday trading on Friday, reaching $194.85. The company’s stock had a trading volume of 2,837,037 shares, compared to its average volume of 2,271,962. The stock has a market cap of $90.99 billion, a P/E ratio of 44.08, a PEG ratio of 1.38 and a beta of 0.79. The company has a fifty day simple moving average of $186.08 and a 200 day simple moving average of $195.54. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 3.39. American Tower Co. has a twelve month low of $154.58 and a twelve month high of $219.10.

American Tower (NYSE:AMTGet Free Report) last released its earnings results on Tuesday, April 30th. The real estate investment trust reported $1.96 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.43 by ($0.47). The business had revenue of $2.83 billion during the quarter, compared to analyst estimates of $2.79 billion. American Tower had a net margin of 18.42% and a return on equity of 18.45%. The business’s quarterly revenue was up 2.4% compared to the same quarter last year. During the same period last year, the business earned $2.54 EPS. Research analysts expect that American Tower Co. will post 10.03 earnings per share for the current year.

American Tower Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, July 12th. Shareholders of record on Friday, June 14th will be given a $1.62 dividend. The ex-dividend date is Friday, June 14th. This represents a $6.48 dividend on an annualized basis and a dividend yield of 3.33%. American Tower’s dividend payout ratio is currently 146.61%.

Wall Street Analyst Weigh In

Several brokerages have weighed in on AMT. Barclays dropped their target price on American Tower from $234.00 to $223.00 and set an “overweight” rating on the stock in a research report on Thursday, May 30th. Scotiabank dropped their target price on American Tower from $243.00 to $223.00 and set a “sector outperform” rating on the stock in a research report on Wednesday, May 1st. BMO Capital Markets dropped their target price on American Tower from $228.00 to $220.00 and set an “outperform” rating on the stock in a research report on Wednesday, May 1st. StockNews.com lowered American Tower from a “buy” rating to a “hold” rating in a report on Friday, March 1st. Finally, Raymond James raised American Tower from an “outperform” rating to a “strong-buy” rating and increased their price objective for the company from $226.00 to $248.00 in a report on Wednesday, May 1st. Three investment analysts have rated the stock with a hold rating, eight have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, American Tower currently has a consensus rating of “Moderate Buy” and an average price target of $220.91.

Read Our Latest Research Report on American Tower

Insiders Place Their Bets

In other American Tower news, Director Robert D. Hormats sold 700 shares of the firm’s stock in a transaction that occurred on Friday, May 3rd. The stock was sold at an average price of $183.50, for a total value of $128,450.00. Following the completion of the sale, the director now owns 7,332 shares in the company, valued at approximately $1,345,422. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, EVP Sanjay Goel sold 3,504 shares of the firm’s stock in a transaction that occurred on Tuesday, June 4th. The stock was sold at an average price of $200.36, for a total transaction of $702,061.44. Following the completion of the transaction, the executive vice president now owns 28,413 shares in the company, valued at approximately $5,692,828.68. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Robert D. Hormats sold 700 shares of the firm’s stock in a transaction that occurred on Friday, May 3rd. The stock was sold at an average price of $183.50, for a total value of $128,450.00. Following the transaction, the director now owns 7,332 shares of the company’s stock, valued at approximately $1,345,422. The disclosure for this sale can be found here. Corporate insiders own 0.18% of the company’s stock.

About American Tower

(Free Report)

American Tower, one of the largest global REITs, is a leading independent owner, operator and developer of multitenant communications real estate with a portfolio of over 224,000 communications sites and a highly interconnected footprint of U.S. data center facilities.

See Also

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Institutional Ownership by Quarter for American Tower (NYSE:AMT)

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